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Halifax is a British bank that provides a wide range of mortgage options, designed to meet a variety of needs.
Read on to find out more about the mortgage products Halifax offers and what you should be aware of when you apply.
Halifax Mortgage Rates
The mortgage rate on a Halifax mortgage will depend on a number of factors, and can vary over time, owing to changes in the economy or your own financial circumstances.
For example, Halifax currently offers fixed- and variable rate mortgages including tracker deals, the cost of which will depend on your credit score, as well as on what the bank deems affordable. With a Halifax fixed-rate mortgage, your monthly repayments will be set for a period of time and will not change until that deal ends; with the variable rate, the amount you pay back monthly could change at any time.
Typically, Halifax mortgage holders would begin paying at a variable rate if the term of their fixed-rate mortgage ended and they had not moved on to a new deal, or if a variable rate deal was chosen from the outset.
Whichever product you choose, make sure you understand the specific rate applicable to you when you apply.
Halifax Mortgage Products
Halifax provides a variety of mortgages, including products designed to help you get on the property ladder or help current homeowners to move home.
Listed below are some of the scenarios that Halifax can provide mortgages for:
- first-time buyer
- home mover
- buy to let
Mortgages are repaid over a number of years. The length of repayment will depend on several factors, including affordability, your personal circumstance and monthly repayment preferences.
Halifax Mortgage Application Process
The whole mortgage application process with Halifax can take anywhere between one and six weeks. While your initial application may take a few hours, the lender will need to assess your application, which can take several days or weeks, depending on how quickly it is able to gather the required information.
Here is a basic guide on how a Halifax mortgage application proceeds:
- Seek an Agreement in Principle – where you can ascertain how much you can borrow on a specific mortgage.
- Find the property you want to buy within the price bracket in your Agreement in Principle and put in a successful offer.
- Once you have had an offer accepted, fill in the mortgage application and await approval.
- Begin the conveyancing process with the help of a solicitor or licensed conveyancer, who will oversee the property transaction until it is completed.
» MORE: How to apply for a mortgage
Halifax Mortgage Customer Service
Halifax offers dedicated customer services in a number of ways.
You can speak to Halifax customer services on the phone by calling 0345 850 3705 between 8am and 8pm from Monday to Friday, or 9am to 4pm on Saturdays. Customer service helplines are closed on Sundays and Bank Holidays.
Alternatively, you can contact a mortgage adviser from your local branch via telephone or video call. Once you make contact, you may book a virtual appointment and can expect a call at the agreed time.
Halifax Mortgages FAQs
Who is Halifax?
Halifax was established as a building society in 1852 in the West Yorkshire town from which it takes its name. Halifax is now a bank that operates as a trading division of Bank of Scotland, which is owned by Lloyds Banking Group.
Halifax provides a wide range of financial products and services covering all aspects of the banking market.
What is Halifax’s mortgage eligibility criteria?
If you’re thinking about applying for a Halifax mortgage, you will want to know more about its lending criteria.
It is important to remember that the eligibility criteria will vary between products. For example, common criteria for a residential mortgage include:
- You must be aged 18 or over and no older than age 75 when you take out the mortgage.
- You must provide proof of residency in the UK.
- You will need proof of income, including at least three months’ payslips and a P60 to show the tax you pay. This will include your employment history and current job contract.
- You will need to show proof of outgoings – bank statements, for instance – to show that you can afford the mortgage after debts, such as credit card payments or car finance, are paid.
Halifax has a duty to make sure you can comfortably meet your monthly mortgage payments. A simple way to do this is to make sure your monthly income will exceed your outgoings, including payments toward the mortgage product of your choice. To find out more about a specific mortgage product’s criteria, please visit the Halifax website.
NerdWallet can help you to compare mortgages from a range of providers, including Halifax. To find out more and compare deals, use our mortgage comparison tool.
Does Halifax have a mortgage rate calculator?
Yes, there is a Halifax mortgage calculator. So if you’re thinking about a Halifax mortgage, the calculator can show you how much you might be able to borrow and also how much your monthly mortgage repayments might be. All you’ll need to do is answer a few quick questions to get started.
Can I take a mortgage holiday with Halifax?
Yes, you can take a mortgage payment holiday with a Halifax mortgage if you meet its conditions.
For example, you must have taken your mortgage out more than 12 months ago, and if you have a joint mortgage, both borrowers must agree to the holiday. You can find a full list of conditions on the Halifax website.
A mortgage payment holiday is when you take a temporary, pre-arranged break from paying your monthly mortgage bill. There are many reasons why you might want to do this, from having an unexpected big expense to being made redundant.
If you’re looking into this option because your income has been affected by coronavirus, Halifax has special support available to you.
Keep in mind that if you decide to arrange a mortgage payment holiday, your monthly mortgage payments will go up when you start paying them again. This is because Halifax will still be adding interest, despite the payment holiday.
Mortgage payment holidays offer short-term relief, and could be the right thing for your situation, but make sure you take into account the long-term effects of hitting pause on your repayments.
Can I port a Halifax mortgage?
Whether you can port your mortgage will depend on the terms of the mortgage you initially took out and a few other factors – such as whether you’ll need to borrow more money for the new property, and whether you’ll still qualify for the deal, as your circumstances or your mortgage provider’s criteria may have changed since your initial application. To find out, check your Mortgage Offer letter for the specific terms of your Halifax mortgage.
Keep in mind that if you do need to borrow more money to move to the new property, and assuming you meet the requirements to port your original product, you will also need to take out another mortgage product to repay the difference. You’ll effectively have two mortgage products on the new property, though you’ll still make just one monthly payment.
For more information or advice, it’s a good idea to speak to an independent financial adviser.
Does Halifax have a mortgage app?
There is not a dedicated Halifax mortgage app, but you can access your mortgage account using the Halifax app.
With the app, you will be able to see your balance and statements, make payments, and request documents (such as your mortgage statement or a certificate of interest). The app is available on both the App Store and Google Play.
Can I overpay on my Halifax mortgage?
Yes. In many situations, Halifax offers customers with mortgages the ability to overpay on their mortgage to reduce the amount owed in total.
Overpayment can reduce the interest you will need to pay, as it is calculated based on a reduced balance, from the moment overpayments are received. Please note overpayments can’t reduce the term itself, and an early repayment charge (ERC) might apply if you pay above a specific limit.
Be sure to check your mortgage offer to be aware of any repayment limit to avoid being charged.
NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.
Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ
Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE
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